Williams has announced an improved financial performance in its 2013 annual results.

The group’s overall income increased from £105.8m to £132.4m, with an EBIT of £12.0m, up from £5.1m. Within those figures the income of the F1 division rose from to £86.4m to £108.5m.

The team says that “the increase in income and earnings was due primarily to a special non-recurring sponsorship payment,” which is believed to be the sum paid by PDVSA to get out of its contract and join Pastor Maldonado at Lotus.

Since the start of this year the company has sold Williams Hybrid Power, and closed the Williams Technology Centre in Qatar.

Frank Williams said: “Although 2013 was a difficult season for the team on the race track, we report these full year results at a time of much optimism for the Williams Group. We have started the 2014 Formula One season well and hope we can continue to improve our performance.

“We made good progress commercially through the winter months and Williams continues to attract an enthusiastic and very loyal group of partners and fans. These annual results demonstrate that we continue to manage our business in a fiscally responsible way and provide the foundation from which we can continue to grow.”